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Sinopec doubles overseas crude oil production in a year

22nd July 2014

Sinopec’s overseas crude oil production has risen from 11.78 million barrels of oil to 23.73 million since this time last year, boosting the entire company’s oil and gas production levels up eight per cent year-on-year

Sinopec doubles overseas crude oil production in a year
Sinopec has been heavilly involved in foreign project across emerging markets

Sinopec (its full name being China Petroleum and Petrochemical Corporation) announced the information in its First Half 2014 results.

Total oil and gas production reached 237 million barrels of oil equivalent by 30 June this year, but domestic production remained stagnant; growing only 0.32 per cent.

The meteoric rise in foreign crude production offset the disappointing domestic results to push the company’s total production up to eight per cent year-on-year.

Sinopec and its subsidiaries are heavily involved in exploration and production across the globe, with lucrative assets in Asia, Latin America, Africa, Europe and North America.

Sinopec is one of the largest integrated energy and chemical company in China. The scope of its business mainly covers oil and gas exploration and production, extraction, pipeline transmission and marketing, with a strong hand in oil refining; production, marketing, storage and transportation of petrochemicals, chemical fibers, chemical fertilizers and other chemical products.

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